Shares of banks and other financial institutions fell amid concerns about the impact of another round of Federal Reserve rate hikes.

Fed Chairman Jerome Powell warned that the central bank's inflation fight could take years, curbing market speculation that inflation -- and interest rates -- may already have peaked.

Jefferies Financial Group rallied after the Wall Street bank's deal underwriting revenue topped analysts' expectations, despite cratering by 32% to $254 million.

Credit-investing giant Oaktree Capital Management is elevating the leaders of two of its businesses to the position of co-chief executive officer.

FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange, despite the disappearance of about $9 billion in customer funds before the company's collapse last year.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

06-28-23 1751ET